UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q


                                   (Mark One)

    [X]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

             For the quarterly period ended      SEPTEMBER 30, 2001
                                            -----------------------

                                       OR

    [ ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                    For the transition period from to       .
                                                     --------


                           Commission File No. 0-21396

                             AFG INVESTMENT TRUST A
                             ----------------------
             (Exact name of registrant as specified in its charter)


  Delaware                                                           04-3145953
    (State or other jurisdiction of                             (IRS Employer
   incorporation or organization)                         Identification No.)

    88 Broad Street, Boston, MA                                        02110
   (Address of principal executive offices)                        (Zip Code)


Registrant's  telephone  number,  including  area  code     (617)  854-5800
                                                        -------------------


(Former  name,  former  address  and  former  fiscal year, if changed since last
report.)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding  12  months  (or  for such shorter period that the registrant was
required  to  file  such  reports),  and  (2)  has  been  subject to such filing
requirements  for  the  past  90  days.
Yes    X  No
   -----



<PAGE>
                             AFG INVESTMENT TRUST A

                                    FORM 10-Q

                                      INDEX




<TABLE>
<CAPTION>


PART I. FINANCIAL INFORMATION:                                                   Page
                                                                                 ----
<S>                                                                              <C>
     Item 1. Financial Statements

                Statement of Financial Position
                at September 30, 2001 and December 31, 2000                         3

                Statement of Operations
                for the three and nine months ended September 30, 2001 and 2000     4

                Statement of Changes in Participants' Capital
                for the nine months ended September 30, 2001 and 2000               5

                Statement of Cash Flows
                for the nine months ended September 30, 2001 and 2000               6

                Notes to the Financial Statements                                   7


     Item 2. Management's Discussion and Analysis of Financial
                Condition and Results of Operations                                15


PART II. OTHER INFORMATION:

     Item 1 - 6                                                                    24
</TABLE>





<PAGE>


                             AFG INVESTMENT TRUST A

                         STATEMENT OF FINANCIAL POSITION

                    SEPTEMBER 30, 2001 AND DECEMBER 31, 2000

                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                            September 30,    December 31,
                                                                2001             2000
ASSETS
<S>                                                        <C>              <C>

Cash and cash equivalents                                  $      586,762   $   2,764,972
Rents receivable                                                    1,640           4,667
Guarantee fee receivable                                                -          25,142
Interest receivable                                                     -           1,782
Accounts receivable - affiliate                                    27,190          58,585
Interest receivable - affiliate                                    11,654               -
Note receivable - affiliate                                       462,353         462,353
Investment securities - affiliate - at fair market value           56,879          79,944
Interest in EFG Kirkwood                                        1,010,706         950,989
Interest in MILPI                                               2,437,908         120,000
Investments - other                                                52,768          52,768
Other assets                                                        8,162             190
Equipment at cost, net of accumulated depreciation
  of $1,571,086 and $3,455,548 at September 30, 2001
  and December 31, 2000, respectively                             950,393       1,070,377
                                                           ---------------  --------------

      Total assets                                         $    5,606,415   $   5,591,769
                                                           ===============  ==============

LIABILITIES AND PARTICIPANTS' CAPITAL

Notes payable                                              $      444,967   $     553,728
Accrued interest                                                      502           1,835
Accrued liabilities                                                93,677          87,927
Accrued liabilities - affiliates                                  140,529          18,184
Deferred rental income                                              8,312           6,555
                                                           ---------------  --------------
     Total liabilities                                            687,987         668,229
                                                           ---------------  --------------

Participants' capital (deficit):
   Managing Trustee                                                (9,443)        (13,456)
   Special Beneficiary                                            (53,427)       (107,442)
   Class A Beneficiary Interests (482,016 Interests;
     initial purchase price of $25 each)                        5,857,091       6,096,441
   Class B Beneficiary Interests (826,072 Interests;
     initial purchase price of $5 each)                          (241,382)       (417,592)
   Treasury Interests (67,202 Class A Interests at Cost)         (634,411)       (634,411)
                                                           ---------------  --------------
     Total participants' capital                                4,918,428       4,923,540
                                                           ---------------  --------------

     Total liabilities and participants' capital           $    5,606,415   $   5,591,769
                                                           ===============  ==============
</TABLE>



   The accompanying notes are an integral part of these financial statements.
<PAGE>


                             AFG INVESTMENT TRUST A

                             STATEMENT OF OPERATIONS

         FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                               For the three months ended    For the nine months ended
                                                    September 30,                 September 30,
                                                   2001          2000           2001          2000
                                                              (Restated)                 (Restated)
                                                              (See Note 1)               (See Note 1)
<S>                                               <C>            <C>         <C>            <C>
INCOME

Lease revenue                                     $    110,956   $ 157,025   $    338,461   $  554,690
Interest income                                          6,373      49,785         38,113      120,526
Interest income - affiliate                             11,654      11,654         34,582       34,582
Gain on sale of equipment                                    -       5,000         24,616      371,925
Gain on sale of investment securities                        -           -              -       21,520
Other income                                             3,067       6,761         20,027       47,933
                                                  -------------  ----------  -------------  -----------
  Total income                                         132,050     230,225        455,799    1,151,176
                                                  -------------  ----------  -------------  -----------

EXPENSES

Depreciation and amortization                           24,493      27,968         79,663      165,899
Interest expense                                         8,249      11,424         19,570       35,182
Management fees - affiliates                             9,976       9,965         34,744       33,619
Write-down of investment securities - affiliate              -           -         17,037            -
Operating expenses - affiliate                         183,079      61,200        535,443      252,443
                                                  -------------  ----------  -------------  -----------
  Total expenses                                       225,797     110,557        686,457      487,143
                                                  -------------  ----------  -------------  -----------

EQUITY INTERESTS

Equity income (loss) from EFG Kirkwood                (146,478)   (143,280)        59,717      (32,051)
Equity income from MILPI                               139,487           -        171,857            -
                                                  -------------  ----------  -------------  -----------
  Total income (loss) from equity interests             (6,991)   (143,280)       231,574      (32,051)
                                                  -------------  ----------  -------------  -----------


Net income (loss)                                 $   (100,738)  $ (23,612)  $        916   $  631,982
                                                  =============  ==========  =============  ===========


Net income (loss)
   per Class A Beneficiary Interest               $      (0.21)  $   (0.05)  $      (0.57)  $    (0.05)
                                                  =============  ==========  =============  ===========
   per Class B Beneficiary Interest               $          -   $      --   $       0.26   $     0.62
                                                  =============  ==========  =============  ===========
Cash distributions declared
   per Class A Beneficiary Interest               $         --   $      --   $         --   $       --
                                                  =============  ==========  =============  ===========
   per Class B Beneficiary Interest               $         --   $      --   $         --   $       --
                                                  =============  ==========  =============  ===========
</TABLE>


   The accompanying notes are an integral part of these financial statements.
<PAGE>



                             AFG INVESTMENT TRUST A

                  STATEMENT OF CHANGES IN PARTICIPANTS' CAPITAL

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001

                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                        Managing      Special     Class A Beneficiaries               Class B Beneficiaries
                                        Trustee     Beneficiary
                                         Amount       Amount            Interests          Amount           Interests
<S>                                    <C>         <C>            <C>                    <C>          <C>
 Balance at December 31, 2000          $ (13,456)  $   (107,442)                482,016  $6,096,441                 826,072

   Net income (loss)                       4,184         55,587                       -    (274,902)                      -

   Unrealized loss on investment
   securities - affiliate                   (126)             -                       -     (12,455)                      -

   Less: Reclassification adjustment
   for write-down of investment
   securities - affiliate                    (45)        (1,572)                      -      48,007                       -
                                       ----------  -------------  ---------------------  -----------  ---------------------

 Comprehensive income (loss)               4,013         54,015                       -    (239,350)                      -
                                       ----------  -------------  ---------------------  -----------  ---------------------

 Balance at September 30, 2001         $  (9,443)  $    (53,427)                482,016  $5,857,091                 826,072
                                       ==========  =============  =====================  ===========  =====================


                                         Class B     Treasury

                                         Amount     Interests      Total
<S>                                    <C>         <C>          <C>
 Balance at December 31, 2000          $(417,592)  $ (634,411)  $4,923,540

   Net income (loss)                     216,047            -          916

   Unrealized loss on investment
   securities - affiliate                      -            -      (12,581)

   Less: Reclassification adjustment
   for write-down of investment
   securities - affiliate                (39,837)           -        6,553
                                       ----------  -----------  -----------

 Comprehensive income (loss)             176,210            -       (5,112)
                                       ----------  -----------  -----------

 Balance at September 30, 2001         $(241,382)  $ (634,411)  $4,918,428
                                       ==========  ===========  ===========
</TABLE>












   The accompanying notes are an integral part of these financial statements.

<PAGE>


                             AFG INVESTMENT TRUST A

                             STATEMENT OF CASH FLOWS

              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000

                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                             2001           2000
 .                                                                        (Restated)
 .                                                                        (See Note 1)
<S>                                                      <C>            <C>
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net income                                               $        916   $   631,982
Adjustments to reconcile net income to net
 cash provided by (used in) operating activities:
  Depreciation and amortization                                79,663       165,899
  Accretion of bond discount                                        -        (1,626)
  Gain on sale of equipment                                   (24,616)     (371,925)
  Gain on sale of investment securities                             -       (21,520)
  (Income) loss from equity interests                        (231,574)       32,051
  Write-down of investment securities - affiliate              17,037             -
Changes in assets and liabilities:
  Rents receivable                                              3,027       (11,036)
  Guarantee fee receivable                                     25,142             -
  Interest receivable                                           1,782             -
  Accounts receivable - affiliate                              31,395        73,062
  Accounts receivable - other                                       -       (12,933)
  Interest receivable - affiliate                             (11,654)        2,394
  Other assets                                                 (7,972)            -
  Accrued interest                                             (1,333)         (506)
  Accrued liabilities                                           5,750       (10,360)
  Accrued liabilities - affiliates                             47,345        10,848
  Deferred rental income                                        1,757       (20,072)
                                                         -------------  ------------
    Net cash provided by (used in) operating activities       (63,335)      466,258
                                                         -------------  ------------

CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
Proceeds from equipment sales                                  73,235     1,502,820
Interest in EFG Kirkwood                                            -      (205,689)
Interest in MILPI                                          (2,079,349)            -
Investments - other                                                 -       (14,443)
Proceeds from sale of investment securities                         -        53,652
                                                         -------------  ------------
    Net cash provided by (used in) investing activities    (2,006,114)    1,336,340
                                                         -------------  ------------

CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Proceeds from notes payable                                   471,038             -
Principal payments - notes payable                           (579,799)      (84,370)
Distributions paid                                                  -    (3,900,000)
                                                         -------------  ------------
    Net cash used in financing activities                    (108,761)   (3,984,370)
                                                         -------------  ------------

Net decrease in cash and cash equivalents                  (2,178,210)   (2,181,772)
Cash and cash equivalents at beginning of period            2,764,972     5,016,965
                                                         -------------  ------------
Cash and cash equivalents at end of period               $    586,762   $ 2,835,193
                                                         =============  ============

SUPPLEMENTAL INFORMATION
Cash paid during the period for interest                 $     20,903   $    35,688
                                                         =============  ============
</TABLE>


See  Note  6  to the financial statements regarding the reduction of the Trust's
carrying  value  of its investment securities - affiliate during the nine months
ended  September  30,  2001.

See  Note  8  to  the  financial statements regarding the Trust's acquisition of
interests  in  MILPI  during  the  nine  months  ended  September  30,  2001.
   The accompanying notes are an integral part of these financial statements.
<PAGE>

                             AFG INVESTMENT TRUST A

                        NOTES TO THE FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2001

                                   (UNAUDITED)

NOTE  1  -  RESTATEMENT  OF  SEPTEMBER  30,  2000  FINANCIAL  STATEMENTS
------------------------------------------------------------------------

After  AFG  Investment Trust A ("the Trust") filed its Form 10-Q for the quarter
ended  September  30,  2000  (the "September 30, 2000 Form 10-Q) with the United
States  Securities  and Exchange Commission ("SEC"), the Trust received addition
information related to the underlying operations of its interest in EFG Kirkwood
LLC  ("EFG  Kirkwood  LLC").  Consistent  with  the Trust's accounting policy of
recording  the  equity  income  (loss)  of  its  underlying interest when as the
financial  information  becomes  available, the Trust recorded its equity income
(loss)  for  EFG  Kirkwood  for  the  year ended December 31, 2000 in the fourth
quarter  of  2000.  As  a  result, the Trust's financial results reported in its
Annual  Report  on  Form  10-K (the "2000 10-K") for the year ended December 31,
2000  filed  with  the  SEC  properly  reflect  the  entire  year's  operations.

The Trust has restated its Statement of Operations for the three and nine months
ended September 30, 2000 to properly reflect the equity (loss) from EFG Kirkwood
for  these  periods  to  facilitate  a  more meaningful analysis of Management's
Discussion  and Analysis of Financial Condition and Results of Operations. These
adjustments resulted in a net decrease in earnings for the three and nine months
ended  September  30,  2000 of $143,280 ($0.05 and $0.11 per Class A beneficiary
interest  and Class B beneficiary interest, respectively) and $32,051 ($0.05 and
$0.00  per  Class  A  beneficiary  interest  and  Class  B beneficiary interest,
respectively).  As a result, the accompanying financial statements for the three
and  nine  months  ended  September 30, 2000 have been restated from the amounts
previously  reported.


NOTE  2  -  BASIS  OF  PRESENTATION
-----------------------------------

The  financial  statements  presented  herein  are  prepared  in conformity with
accounting  principles  generally  accepted  in  the  United  States for interim
financial  reporting  and  the  instructions  for preparing Form 10-Q under Rule
10-01  of Regulation S-X of the SEC and are unaudited.  As such, these financial
statements  do  not  include  all  information and footnote disclosures required
under accounting principles generally accepted in the United States for complete
financial  statements  and,  accordingly,  the accompanying financial statements
should  be  read  in conjunction with the footnotes presented in the 2000 Annual
Report.  Except  as  disclosed  herein, there has been no material change to the
information  presented  in  the  footnotes  to  the  2000  Annual  Report.

In  the  opinion  of  management,  all  adjustments  (consisting  of  normal and
recurring  adjustments)  considered  necessary  to  present fairly the financial
position  at  September 30, 2001 and December 31, 2000 and results of operations
for the three and nine month periods ended September 30, 2001 and 2000 have been
made  and  are reflected.  Operating results for the nine months ended September
30,  2001 are not necessarily indicative of the results that may be expected for
the  entire  year.

Certain  amounts  previously  reported  in  the  December  31,  2000  financial
statements  have  been  reclassified  to  conform  to  the  September  30,  2001
presentation.

The  table below details the allocation of income (loss) in each of the quarters
for  the  nine  months  ended  September  30,  2001.
<TABLE>
<CAPTION>

<S>                 <C>         <C>            <C>              <C>              <C>          <C>

                    Managing    Special        Class A          Class B
                    Trustee     Beneficiary    Beneficiaries    Beneficiaries    Treasury
                    Amount      Amount         Amount           Amount           Interests    Total

December 31, 2000   $ (13,456)  $   (107,442)  $    6,096,441   $     (417,592)  $ (634,411)  $4,923,540
Net income              6,962         55,586                -          216,047            -      278,595
Unrealized loss           (45)        (1,572)          48,007          (39,837)           -        6,553
March 31, 2001         (6,539)       (53,427)       6,144,448         (241,382)    (634,411)   5,208,688
                    ----------  -------------  ---------------  ---------------  -----------  -----------

Net loss               (1,769)             -         (175,172)               -            -     (176,941)
Unrealized loss           (66)             -           (6,487)               -            -       (6,553)
June 30, 2001          (8,374)       (53,427)       5,962,789         (241,382)    (634,411)   5,025,194
                    ----------  -------------  ---------------  ---------------  -----------  -----------

Net loss               (1,007)             -          (99,731)               -            -     (100,738)
Unrealized loss           (60)             -           (5,968)               -            -       (6,028)
September 30, 2001  $  (9,443)  $    (53,427)  $    5,857,091   $     (241,382)  $ (634,411)  $4,918,428
                    ----------  -------------  ---------------  ---------------  -----------  -----------
</TABLE>




NOTE  3  -  CASH  EQUIVALENTS  AND  INVESTMENT  SECURITIES
----------------------------------------------------------

The  Trust  considers all highly liquid investments with an original maturity of
three  months  or less to be cash equivalents.  Investment securities consist of
equity securities and debt securities that are classified as available-for-sale.
Available-for-sale  securities  are carried at fair value, with unrealized gains
and  losses  reported  as  a  separate  component of participants' capital.  The
amortized  cost  of debt securities is adjusted for amortization of premiums and
accretion  of  discounts  to  maturity.  Such  amortization  and  accretion  are
included  in  interest  income  on  the  accompanying  Statement  of Operations.

At  September  30,  2001,  the  Trust  had  $445,745  invested in federal agency
discount  notes,  repurchase  agreements  secured  by  U.S.  Treasury  Bills  or
interests  in  U.S.  Government  securities,  or  other  highly liquid overnight
investments.

NOTE  4  -  REVENUE  RECOGNITION
--------------------------------

Rents  are  payable  to  the  Trust  monthly,  quarterly or semi-annually and no
significant  amounts  are  calculated on factors other than the passage of time.
The  leases are accounted for as operating leases and are noncancellable.  Rents
received prior to their due dates are deferred.  In certain instances, the Trust
may  enter primary-term, renewal or re-lease agreements, which expire beyond the
Trust's  anticipated  dissolution  date.  This  circumstance  is not expected to
prevent  the  orderly wind-up of the Trust's business activities as the Managing
Trustee  and  the Advisor would seek to sell the then-remaining equipment assets
either  to  the lessee or to a third party, taking into consideration the amount
of  future  noncancellable  rental  payments associated with the attendant lease
agreements.  Future  minimum  rents  of  $536,767  are  due  as  follows:
<TABLE>
<CAPTION>

<S>                                <C>   <C>
For the year ending September 30,  2002  $160,885
                                   2003   145,522
                                   2004   138,216
                                   2005    92,144
                                         --------

     Total                            .  $536,767
                                         ========
</TABLE>



In  June  2001,  the  Trust  and  certain  affiliated  investment  programs
(collectively,  the  "Reno  Programs")  executed  an agreement with the existing
lessee,  Reno  Air,  Inc.  ("Reno"), to early terminate the lease of a McDonnell
Douglas  MD-87  aircraft that had been scheduled to expire in January 2003.  The
Reno  Programs  received  an  early termination fee of $840,000 and a payment of
$400,000  for  certain  maintenance required under the existing lease agreement.
The Trust's share of the early termination fee was $74,424, which was recognized
as  lease  revenue  during the three months ended June 30, 2001 and its share of
the  maintenance  payment  was  $35,440,  which  was  accrued  as  a maintenance
obligation  at  September 30, 2001.  Coincident with the termination of the Reno
lease, the aircraft was re-leased to Aerovias de Mexico, S.A. de C.V. for a term
of  four  years.  The  Reno  Programs  will receive rents of $6,240,000 over the
lease  term,  of  which  the  Trust's  share  is  $552,864.


NOTE  5  -  EQUIPMENT
---------------------

The  following  is  a  summary  of equipment owned by the Trust at September 30,
2001.  Remaining  Lease  Term  (Months), as used below, represents the number of
months  remaining  from  September  30, 2001 under contracted lease terms and is
presented  as  a  range  when  more than one lease agreement is contained in the
stated  equipment  category.  A  Remaining  Lease  Term  equal  to zero reflects
equipment  either  held for sale or re-lease or being leased on a month-to-month
basis.  In the opinion of Equis Financial Group Limited Partnership ("EFG"), the
acquisition  cost  of  the  equipment  did  not  exceed  its  fair market value.
<TABLE>
<CAPTION>



                                             Remaining
                                               Lease
                                                Term      Equipment
                Equipment Type                (Months)     at Cost
-------------------------------------------  ----------  ------------
<S>                                          <C>         <C>
Aircraft                                             45  $ 1,239,741
Materials handling                                 0-15      929,575
Computer and peripherals                              0      214,788
Construction and mining                              15      137,375
                                                         ------------
 Total equipment cost                                 .    2,521,479
 Accumulated depreciation                             .   (1,571,086)
                                                         ------------
 Equipment, net of accumulated depreciation           .  $   950,393
                                                         ============
</TABLE>


At September 30, 2001, the Trust's equipment portfolio included equipment having
a  proportionate  original  cost  of  approximately  $1,476,000,  representing
approximately  59%  of  total  equipment  cost.

Certain  of  the equipment and related lease payment streams were used to secure
the  Trust's loan with a third- party lender. The preceding summary of equipment
includes leveraged equipment having an original cost of approximately $1,240,000
and  a  net book value of approximately $915,000 at September 30, 2001 (see Note
10).

At  September 30, 2001, the cost of fully depreciated equipment held for sale or
re-lease  was  approximately  $239,000. The Managing Trustee is actively seeking
the  sale  or  re-lease of all equipment not on lease.  In addition, the summary
above  includes  equipment  being  leased  on  a  month-to-month  basis.


NOTE  6  -  MARKETABLE  SECURITIES  -  AFFILIATE AND NOTE RECEIVABLE - AFFILIATE
--------------------------------------------------------------------------------

As  a  result  of  an  exchange transaction in 1997, the Trust is the beneficial
owner  of 20,969 shares of Semele Group Inc. ("Semele") common stock and holds a
beneficial  interest in a note from Semele (the "Semele Note") of $462,353.  The
Semele  Note matures in April 2003 and bears an annual interest rate of 10% with
mandatory  principal reductions prior to maturity, if and to the extent that net
proceeds  are  received  by Semele from the sale or refinancing of its principal
real  estate  asset  consisting  of  an undeveloped 274-acre parcel of land near
Malibu,  California.  The Trust recognized interest income of $34,582 related to
the  Semele Note for each of the nine month periods ended September 30, 2001 and
2000.

In accordance with Statement of Financial Accounting Standards ("SFAS") No. 115,
"Accounting  for  Certain Investments in Debt and Equity Securities", marketable
equity  securities  classified  as available-for-sale are carried at fair value.
At  March 31, 2001, the Trust determined that the decline in the market value of
its  Semele common stock was other than temporary.  As a result, the Trust wrote
down  the cost of the Semele common stock to $3.3125 per share (the quoted price
of  the  Semele stock on the NASDAQ SmallCap Market on the date the stock traded
closest  to  March 31, 2001), for a total realized loss in the nine months ended
September  30,  2001  of  $17,037.

During the six months ended September 30, 2001, the Trust decreased the carrying
value  of its investment in Semele common stock based on the quoted price of the
Semele  stock  on the OTC Bulletin Board on the date the stock traded closest to
September  30,  2001,  resulting  in  an unrealized loss of $12,581 for the nine
months  ended  September,  30,  2001.  This  loss was reported as a component of
comprehensive  income  (loss)  included  in  the  Statement  of  Changes  in
Participants'  Capital.

NOTE  7  -  INTEREST  IN  EFG  KIRKWOOD
---------------------------------------

On  May  1,  1999,  the  Trust  and  three  affiliated  trusts (collectively the
"Trusts")  and  Semele  formed a joint venture, EFG Kirkwood, for the purpose of
acquiring  preferred  and  common  stock  interests  in Kirkwood Associates Inc.
("KAI").  The  Trusts purchased Class A membership interests in EFG Kirkwood and
Semele  purchased  Class  B membership interests in EFG Kirkwood. Generally, the
Class  A  interest  holders  are  entitled to certain preferred returns prior to
distribution  payments  to  the Class B interest holder. The Trusts collectively
own  100%  of  the  Class A membership interests in EFG Kirkwood and Semele owns
100%  of the Class B membership interests. The Trusts' interests in EFG Kirkwood
constitute  50%  of  the  voting  securities  of that entity under the operating
agreement  for  the  LLC, which gives equal voting rights to Class A and Class B
membership  interests.  The  Managing  Trustee  is  the manager of EFG Kirkwood.

On April 30, 2000, KAI's ownership interests in certain assets and substantially
all  of  its  liabilities  were  transferred  to  Mountain  Resort  Holdings LLC
("Mountain  Resort").  On  May  1,  2000, EFG Kirkwood exchanged its interest in
KAI's common and preferred stock for corresponding pro-rata membership interests
in  Mountain  Resort.  EFG  Kirkwood holds approximately 37.9% of the membership
interests  in  Mountain  Resort.  Mountain  Resort,  through  four  wholly owned
subsidiaries,  owns  and  operates  the  Kirkwood  Mountain Resort, a ski resort
located  in  northern  California,  a  public  utility  that  services the local
community, and land that is held for residential and commercial development. The
Trust holds a 9.3% membership interest in EFG Kirkwood and correspondingly holds
10%  of  EFG  Kirkwood's  Class  A  voting  rights.

Subsequent  to  making  its  ownership interest in Mountain Resort, EFG Kirkwood
acquired  50%  of  the  membership  interests  in  Mountain  Springs Resorts LLC
("Mountain  Springs"). Mountain Springs, through a wholly owned subsidiary, owns
80%  of  the  common  stock and 100% of the Class B Preferred stock in an entity
that  owns  the  Purgatory  Ski  resort  in  Durango,  Colorado.

The Trust's ownership interest in EFG Kirkwood had an original cost of $998,539;
including  a  1%  acquisition  fee  ($9,887)  paid to EFG. The Trust's ownership
interest  in  EFG  Kirkwood  is accounted for on the equity method and the Trust
recorded  a  loss of $146,478 and income of $59,717, respectively, for the three
and nine months ended September 30, 2001, representing its pro-rata share of the
net  income  of  EFG Kirkwood.  During the three and nine months ended September
30,  2000,  the  Trust recorded a loss of $143,280 and $32,051 respectively from
its  interest  in  EFG  Kirkwood.

The  table  below  provides  comparative  summarized  income  statement data for
Mountain  Resort  and  the  Purgatory  Ski  Resort  for the three and nine month
periods  ended  September  30,  2001  and  2000,  respectively.  The  operating
companies  have  different fiscal year end dates than the Trust.  Therefore, the
operating  results  shown  below have been conformed to the three and nine month
periods  ended  September  30,  2001  and  2000,  respectively.
<TABLE>
<CAPTION>

<S>                     <C>              <C>              <C>              <C>

                        Three months     Three months     Nine months      Nine months
                           ended            ended            ended            ended
                        September 30,    September 30,    September 30,    September 30,
                            2001             2000             2001             2000

 Mountain Resort:
Total revenues          $    3,223,274   $    3,170,247   $   22,378,487   $   21,649,975
Total expenses              (4,531,949)      (4,440,353)     (21,535,057)     (20,322,407)
Income taxes                        --               --          (52,243)          (2,400)
                        ---------------  ---------------  ---------------  ---------------
Net income (loss)          ($1,308,675)     ($1,270,106)  $      791,187   $    1,325,168
                        ===============  ===============  ===============  ===============

Purgatory Ski Resort:
Total revenues          $      868,486   $      919,297   $   12,014,674   $    9,693,552
Total expenses              (2,966,166)      (3,036,123)     (11,542,289)     (11,388,497)
                        ---------------  ---------------  ---------------  ---------------
Net income (loss)          ($2,097,680)     ($2,116,826)  $      472,385      ($1,694,945)
                        ===============  ===============  ===============  ===============
</TABLE>




NOTE  8  -  INTEREST  IN  MILPI
-------------------------------

In  December  2000,  the  Trust  and  three affiliated Trusts (collectively, the
"Trusts")  formed  MILPI Holdings, LLC ("MILPI"), which formed MILPI Acquisition
Corp.  ("MILPI  Acquisition"),  a  wholly  owned subsidiary of MILPI. The Trusts
collectively paid $1.2 million for their membership interests in MILPI and MILPI
purchased  the  shares  of  MILPI Acquisition for an aggregate purchase price of
$1.2  million  at December 31, 2000. MILPI Acquisition entered into a definitive
agreement  (the  "Agreement") with PLM International, Inc. ("PLM"), an equipment
leasing and asset management company, for the purpose of acquiring up to 100% of
the  outstanding  common  stock of PLM, for an approximate purchase price of $27
million.  In  connection  with  the  acquisition,  on  December  29, 2000, MILPI
Acquisition  commenced  a  tender  offer  to  purchase  any  and  all  of  PLM's
outstanding  common  stock.

Pursuant  to the cash tender offer, MILPI Acquisition acquired approximately 83%
of  the  PLM  common  stock  in  February  2001  for  a  total purchase price of
approximately $21.7 million. Under the terms of the Agreement, with the approval
of  the  holders  of  50.1%  of  the  outstanding  common  stock  of  PLM, MILPI
Acquisition  will merge into PLM, with PLM being the surviving entity. PLM filed
a  proxy  statement  with  the Securities and Exchange Commission (the "SEC") on
February 9, 2001 for a special meeting of its shareholders to vote on the merger
proposal.  Because  MILPI  Acquisition  owns approximately 83% of the PLM common
stock,  its  vote alone would be sufficient to assure the approval of the merger
proposal  at  the special meeting and MILPI has agreed to vote all of its shares
in  favor  of the merger proposal. Once the merger is approved, the Trusts would
then  jointly own 100% of the outstanding common stock of PLM through their 100%
interest  in  MILPI.  However, completion of the SEC staff's review of the proxy
statement  for  approval  of the merger is dependent in part on the satisfactory
resolution  of  the  Trust's  discussions  with the staff regarding its possible
status  as  an  inadvertent  investment  company. If the merger is approved, the
Trusts  may  be  required  to  provide an additional $4.4 million to acquire the
remaining  approximate  17%  of  PLM's  outstanding  common  stock.

The  Trust  has  a  10%  membership interest in MILPI having an original cost of
$2,274,348.  The  cost  of  the  Trust's  interest  in  MILPI  reflects  MILPI
Acquisition's  cost  of  acquiring the common stock of PLM, including the amount
paid  for  the  shares  tendered  of  $2,177,572, a 1% acquisition fee paid to a
wholly-owned  subsidiary  of Semele of $21,776 and capitalized transaction costs
of  $75,000.  The  capitalized transaction costs will be reimbursed by the Trust
to  MILPI  and  are  included  in  Accrued  Liabilities  -  Affiliates  on  the
accompanying  Statement of Financial Position at September 30, 2001.  During the
quarter  ended  June  30,  2001,  the  Trusts obtained additional information to
refine  the  estimate of fair values of the underlying net assets of MILPI as of
February  9,  2001.  The  Trust's  cost  basis  in  its  interest  in  MILPI was
approximately  $105,000  greater  than its equity interest in the underlying net
assets  of MILPI at February 9, 2001.  This difference is being amortized over a
period  of  7 years beginning March 1, 2001. The amount amortized is included as
an  offset  to  Interest  in  MILPI  and was $8,298 during the nine months ended
September  30,  2001.

Equis  II  Corporation  has  voting  control of the Trusts and owns the Managing
Trustee  of  the  Trusts.  Semele  owns  Equis II Corporation. Mr. Engle and Mr.
Coyne,  who  are  a director and an officer of the Trust, respectively, are also
officers  and  directors  of, and own significant stock in, Semele. In addition,
Mr.  Engle  and  Mr.  Coyne  are  officers  and  directors of MILPI Acquisition.

The  Trust's  ownership  interest in MILPI is accounted for on the equity method
and the Trust recorded income of $139,487 and $171,857, respectively, during the
three  and nine months ended September 30, 2001, representing its pro-rata share
of  the  income  of  MILPI.

The  table below provides summarized income statement data for PLM for the three
and nine month period ended September 30, 2001.  The acquisition of PLM occurred
in  February  2001.

<TABLE>
<CAPTION>

<S>                                  <C>                   <C>
                                     Three months ended    Nine months ended
                                     September 30, 2001    September 30, 2001

Total operating revenues             $         3,434,000   $         8,770,000
Total operating expenses                      (1,216,000)           (5,665,000)
Other income                                      99,000               270,000
                                     --------------------  --------------------
Income before income taxes                     2,317,000             3,375,000
Provision for income taxes                      (882,000)           (1,304,000)
                                     --------------------  --------------------

Net income                           $         1,435,000   $         2,071,000
                                     ====================  ====================

Equity income from MILPI             $           139,487   $           171,857
Goodwill amortization in connection
  with PLM                                        (3,742)               (8,298)
                                     --------------------  --------------------
Net income from PLM after goodwill
  amortization                       $           134,745   $           163,559
                                     ====================  ====================
</TABLE>




NOTE  9  -  RELATED  PARTY  TRANSACTIONS
----------------------------------------

All  operating  expenses  incurred by the Trust are paid by EFG on behalf of the
Trust  and EFG is reimbursed at its actual cost for such expenditures.  Fees and
other  costs incurred during the nine month periods ended September 30, 2001 and
2000,  which  were paid or accrued by the Trust to EFG or its Affiliates, are as
follows:
<TABLE>
<CAPTION>


                                   2001      2000
                                 --------  --------
<S>                              <C>       <C>
Acquisition fees                 $ 21,776  $  2,180
Management fees                    34,744    33,619
Administrative charges             72,351    74,511
Reimbursable operating expenses
   due to third parties           463,092   177,932
                                 --------  --------

          Total                  $591,963  $288,242
                                 ========  ========
</TABLE>



All  rents  and  proceeds from the sale of equipment are paid directly to either
EFG  or  to  a  lender.  EFG  temporarily deposits collected funds in a separate
interest-bearing  escrow account prior to remittance to the Trust.  At September
30,  2001,  the  Trust  was  owed $27,190 by EFG for such funds and the interest
thereon.  These  funds  were  remitted  to  the  Trust  in  October  2001.


NOTE  10  -  NOTE  PAYABLE
--------------------------

Notes  payable  at  September  30, 2001 consisted of a 7.03% fixed interest rate
installment  note  of  $444,967  payable  to  an  institutional  lender.    The
installment  note  is non-recourse and is collateralized by the Trust's interest
in  an aircraft leased to Aerovias de Mexico, S.A. de C.V. and the assignment of
the  related lease payments.  The Trust makes monthly debt and interest payments
and the debt will be fully amortized at the expiration of the related lease term
in  June  2005.

In  June  2001,  the  Trust  and  certain  affiliated  investment  programs
(collectively,  the  "Reno  Programs")  executed  an agreement with the existing
lessee,  Reno  Air,  Inc.  ("Reno"), to early terminate the lease of a McDonnell
Douglas  MD-87  aircraft  that  had  been  scheduled  to expire in January 2003.
Coincident with the termination of the Reno lease, the aircraft was re-leased to
Aerovias  de  Mexico,  S.A.  de  C.V.  for  a term of four years.  (See Note 4 -
Revenue  Recognition).  The  Reno  Programs executed a debt agreement with a new
lender  collateralized by the aircraft and assignment of the Aerovias de Mexico,
S.A.  de  C.V.  lease  payments.  The  Reno  Programs  received debt proceeds of
$5,316,482,  of  which  the  Trust's share was $471,038.  The Trust used the new
debt  proceeds  and  a  portion of certain other receipts from Reno to repay the
outstanding  balance  of  the  existing  indebtedness related to the aircraft of
$493,137  and  accrued  interest  and  fees  of  $7,347.

Management  believes  that  the carrying amount of the note payable approximates
fair  value  at  September 30, 2001 based on its experience and understanding of
the  market  for  instruments  with  similar  terms.

The  annual  maturities  of  the  note  are  as  follows:
<TABLE>
<CAPTION>

<S>                                <C>    <C>
For the year ending September 30,   2002  $110,169
                                    2003   118,232
                                    2004   126,837
                                    2005    89,729
                                          --------

 .                                 Total  $444,967
                                          ========
</TABLE>



NOTE  11  -  GUARANTEE  AGREEMENT
---------------------------------

On  March  8,  2000,  the  Trust  and three affiliated trusts (collectively, the
"Trusts")  entered  into  a  guarantee agreement whereby the Trusts, jointly and
severally,  guaranteed  the  payment  obligations under a master lease agreement
between  Echelon  Commercial  LLC,  a  newly-formed  Delaware  company  that  is
controlled  by  Gary  D. Engle, President and Chief Executive Officer of EFG, as
lessee,  and Heller Affordable Housing of Florida, Inc., and two other entities,
as lessor ("Heller"). The lease payments of Echelon Commercial LLC to Heller are
supported  by  lease payments to Echelon Commercial LLC from various sub-lessees
who  are parties to commercial and residential lease agreements under the master
lease  agreement.  The guarantee of lease payments by the Trusts was capped at a
maximum  of  $34,500,000, excluding expenses that could result in the event that
Echelon  Commercial LLC defaulted under the terms of the master lease agreement.

As  a result of principal reductions on the average guarantee amount, an amended
and  restated  agreement  was  entered  into  in  December 2000 that reduced the
guaranteed  amount  among  the  Trusts.  During  the quarter ended September 30,
2001,  the  requirements  of  the  guarantee  agreement  were  met and the Trust
received payment for all outstanding amounts totaling $44,800, including $17,876
of  income  related to the guarantee agreement recognized during the nine months
ended  September 30, 2001.  During the nine months ended September 30, 2000, the
Trust  received  an  upfront  cash fee of $35,000 and recognized total income of
$47,933  from  the  guarantee. The guarantee fee is reflected as Other Income on
the  accompanying Statement of Operations.  The Trust has no further obligations
under  the  guarantee  agreement.


NOTE  12  -  CONTINGENCIES
--------------------------

The  Investment  Company  Act  of  1940  (the  "Act") places restrictions on the
capital  structure  and  business activities of companies registered thereunder.
The  Trust  has  active  business operations in the financial services industry,
primarily  equipment  leasing,  and  in  the  real  estate  industry through its
interest  in  EFG  Kirkwood.  The  Trust does not intend to engage in investment
activities  in a manner or to an extent that would require the Trust to register
as  an  investment company under the Act. However, it is possible that the Trust
may unintentionally engage in an activity or activities that may be construed to
fall within the scope of the Act. The Managing Trustee is engaged in discussions
with  the  staff  of the Securities and Exchange Commission regarding whether or
not  the  Trust may be an inadvertent investment company by virtue of its recent
acquisition  activities.   If  the  Trust  was  determined  to  be an investment
company, its business would be adversely affected.  The Act, among other things,
prohibits  an  unregistered investment company from offering securities for sale
or  engaging  in  any business or interstate commerce.  The Managing Trustee has
consulted  counsel and believes that the Trust is not an investment company.  If
necessary,  the  Trust  intends  to  avoid being deemed an investment company by
disposing  of or acquiring certain assets that it might not otherwise dispose of
or  acquire.

NOTE  13  -  OPERATING  SEGMENTS
--------------------------------

The Trust has two principal operating segments: 1) Equipment Leasing and 2) Real
Estate  Ownership,  Development  &  Management.  The  Equipment  Leasing segment
includes the management of the Trust's equipment lease portfolio and the Trust's
interest in MILPI. MILPI owns MILPI Acquisition which owns the majority interest
in PLM, an equipment leasing and asset management company (see Note 8). The Real
Estate  segment includes the ownership, management and development of commercial
properties,  recreational  properties,  condominiums,  interval ownership units,
townhomes,  single  family  homes  and  land sales through the Trust's ownership
interest  in  EFG  Kirkwood.

The  Trust's  reportable  segments  offer different products or services and are
managed  separately  because  each  requires  different operating strategies and
management  expertise.  There  are  no material intersegment sales or transfers.

Segment  information  for the three and nine months ended September 30, 2001 and
2000  is  summarized  below.

<TABLE>
<CAPTION>
                                             Three months ended     Nine months ended
                                                September 30,        September 30,
                                            2001        2000       2001       2000
<S>                                      <C>         <C>         <C>       <C>
Total Income:
   Equipment leasing                     $ 271,537   $ 230,225   $627,656  $1,151,176
   Real estate                            (146,478)   (143,280)    59,717     (32,051)
                                         ----------  ----------  --------  -----------
     Total                               $ 125,059   $  86,945   $687,373  $1,119,125
                                         ==========  ==========  ========  ===========

Operating Expenses, Management Fees
  and Other Expenses:
   Equipment leasing                     $ 184,943   $  68,874   $565,364  $  279,645
   Real estate                               8,112       2,291     21,860       6,417
                                         ----------  ----------  --------  -----------
     Total                               $ 193,055   $  71,165   $587,224  $  286,062
                                         ==========  ==========  ========  ===========

Interest Expense:
   Equipment leasing                     $   8,249   $  11,424   $ 19,570  $   35,182
   Real estate                                   -           -          -           -
                                         ----------  ----------  --------  -----------
     Total                               $   8,249   $  11,424   $ 19,570  $   35,182
                                         ==========  ==========  ========  ===========

Depreciation and Amortization Expense:
   Equipment leasing                     $  24,493   $  27,968   $ 79,663  $  165,899
   Real estate                                   -           -          -           -
                                         ----------  ----------  --------  -----------
     Total                               $  24,493   $  27,968   $ 79,663  $  165,899
                                         ==========  ==========  ========  ===========

 Net Income (Loss)                       $(100,738)  $ (23,612)  $    916  $  631,982
                                         ==========  ==========  ========  ===========
</TABLE>




Three  and  nine  months ended September 30, 2001 compared to the three and nine
--------------------------------------------------------------------------------
months  ended  September  30,  2000:
------------------------------------

Results  of  Operations
-----------------------

Equipment  Leasing
------------------

For  the  three  and  nine  month  periods  ended  September 30, 2001, the Trust
recognized  lease  revenue  of  $110,956 and $338,461, respectively, compared to
$157,025  and  $554,690, respectively, for same periods in 2000. The decrease in
lease  revenue  from 2000 to 2001 resulted primarily from lease term expirations
and  the sale of equipment.    Future lease term expirations and equipment sales
will  result  in  a  reduction  in  the  lease  revenue  recognized.

The Trust's equipment portfolio includes certain assets in which the Trust holds
a  proportionate ownership interest.  In such cases, the remaining interests are
owned  by  an  affiliated  equipment  leasing  program  sponsored  by  EFG.
Proportionate  equipment  ownership  enables  the Trust to further diversify its
equipment  portfolio  by  participating  in  the  ownership  of selected assets,
thereby  reducing  the  general  levels  of  risk,  which  could  result  from a
concentration  in  any single equipment type, industry or lessee.  The Trust and
each  affiliate individually report, in proportion to their respective ownership
interests,  their  respective  shares  of  assets,  liabilities,  revenues,  and
expenses  associated  with  the  equipment.

In  June  2001,  the  Trust  and  certain  affiliated  investment  programs
(collectively,  the  "Reno  Programs")  executed  an agreement with the existing
lessee,  Reno  Air,  Inc.  ("Reno"), to early terminate the lease of a McDonnell
Douglas  MD-87  aircraft that had been scheduled to expire in January 2003.  The
Reno  Programs  received  an  early termination fee of $840,000 and a payment of
$400,000  for  certain  maintenance required under the existing lease agreement.
The Trust's share of the early termination fee was $74,424, which was recognized
as  lease  revenue during the nine months ended September 30, 2001 and its share
of  the  maintenance  payment  was  $35,440,  which  is accrued as a maintenance
obligation  at  September 30, 2001.  Coincident with the termination of the Reno
lease,  the  aircraft  was  re-leased to Aerovias de Mexico, S.A., de C.V. for a
term of four years.  The Reno Programs will receive rents of $6,240,000 over the
lease  term,  of  which  the  Trust's  share  is  $552,864.

Interest  income  for  the three and nine month periods ended September 30, 2001
was  $18,027  and  $72,695,  respectively,  compared  to  $61,439  and $155,108,
respectively,  for  the  same  periods  in  2000.  Interest  income is typically
generated  from  temporary  investment  of  rental  receipts and equipment sales
proceeds  in  short-term  instruments.  The  amount of future interest income is
expected  to  fluctuate as a result of changing interest rates and the amount of
cash  available  for  investment,  among other factors. Interest income included
$11,654 and $34,582, respectively, during the three and nine month periods ended
September  30,  2001 and 2000, earned on a note receivable from Semele (See Note
6).

During  the  nine  months  ended  September  30,  2001,  the  Trust  sold  fully
depreciated  equipment  and  equipment  having  a  net  book value of $48,619 to
existing  lessees  and  third  parties.  These sales resulted in a net gain, for
financial  statement purposes, of $24,616.  There were no equipment sales during
the  three  months  ended  September  30,  2001.

During  the three and nine months ended September 30, 2000, the Trust sold fully
depreciated  equipment  and  equipment  having  a  net book value of $1,130,895,
respectively,  to existing lessees and third parties.  These sales resulted in a
net  gain,  for  financial  statement  purposes,  of  $5,000  and  $371,925,
respectively.

It  cannot  be determined whether future sales of equipment will result in a net
gain or a net loss to the Trust, as such transactions will be dependent upon the
condition  and type of equipment being sold and its marketability at the time of
sale.  In  addition, the amount of gain or loss reported for financial statement
purposes  is  partly  a  function  of  the  amount  of  accumulated depreciation
associated  with  the  equipment  being  sold.

The  ultimate  realization  of  residual  value  for  any  type  of equipment is
dependent  upon  many  factors,  including  EFG's  ability  to sell and re-lease
equipment.  Changing market conditions, industry trends, technological advances,
and  many  other  events can converge to enhance or detract from asset values at
any  given  time.  EFG  attempts  to  monitor these changes in order to identify
opportunities  which  may  be  advantageous to the Trust and which will maximize
total  cash  returns  for  each  asset.

The  total  economic  value  realized  upon  final  disposition of each asset is
comprised  of all primary lease term revenue generated from that asset, together
with its residual value.  The latter consists of cash proceeds realized upon the
asset's  sale  in  addition to all other cash receipts obtained from renting the
asset on a re-lease, renewal or month-to-month basis.  The Trust classifies such
residual  rental payments as lease revenue.  Consequently, the amount of gain or
loss  reported  in the financial statements is not necessarily indicative of the
total  residual  value  the  Trust  achieved  from  leasing  the  equipment.

During  the  nine  months  ended  September  30, 2000, the Trust sold investment
securities  having  a  book value of $32,132, resulting in a gain, for financial
statement  purposes  of  $21,520.

On March 8, 2000, the Trust and three affiliated trusts entered into a guarantee
agreement  whereby  the  trusts,  jointly  and severally, guaranteed the payment
obligations  under  a  master lease agreement between Echelon Commercial LLC, as
lessee,  and Heller Affordable Housing of Florida, Inc., and two other entities,
as lessor.  (See Note 11 to the financial statements.)  During the quarter ended
September 30, 2001, the requirements of the guarantee agreement were met and the
Trust  received  payment for all outstanding amounts totaling $44,800, including
$17,876  of income related to the guarantee agreement recognized during the nine
months  ended  September  30,  2001.  During the nine months ended September 30,
2000,  the  Trust  received  an upfront cash fee of $35,000 and recognized total
income  of  $47,933  from the guarantee. The guarantee fee is reflected as Other
Income  on  the  accompanying Statement of Operations.  The Trust has no further
obligations  under  the  guarantee  agreement.

Depreciation  expense  for  the three and nine month periods ended September 30,
2001  was  $20,751  and $71,365, respectively, compared to $27,968 and $165,899,
respectively,  for  the same periods in 2000.  For financial reporting purposes,
to the extent that an asset is held on primary lease term, the Trust depreciates
the difference between (i) the cost of the asset and (ii) the estimated residual
value  of  the  asset  on a straight-line basis over such term.  For purposes of
this  policy,  estimated residual values represent estimates of equipment values
at  the  date  of primary lease expiration.  To the extent that an asset is held
beyond  its  primary lease term, the Trust continues to depreciate the remaining
net  book value of the asset on a straight-line basis over the asset's remaining
economic  life.

Interest  expense  was  $8,249 and $19,570, respectively, for the three and nine
month  periods  ended  September  30,  2001  compared  to  $11,424  and $35,182,
respectively,  for  the same periods in 2000.  Interest expense will decrease in
the  future  as the principal balance of the note payable is reduced through the
application  of  rent  receipts  to  outstanding  debt.

Management  fees  related  to  equipment  leasing  were  $1,864  and  $12,884,
respectively,  for  the  three  and  nine month periods ended September 30, 2001
compared  to  $7,674  and  $27,202,  respectively, for the same periods in 2000.
Management  fees  are  based on 5% of gross lease revenue generated by operating
leases and 2% of gross lease revenue generated by full payout leases, subject to
certain  limitations.  In  addition,  management fees include a fee of 1% of the
cost  of  the  MILPI  interests.

Operating  expenses  were $183,079 and $535,443, respectively, for the three and
nine  month  periods  ended September 30, 2001 compared to $61,200 and $252,443,
respectively,  for  the  same  periods  in  2000.  In  2001,  operating expenses
included  approximately  $100,000 for ongoing legal matters.  Operating expenses
also  included  approximately  $31,000 of costs reimbursed to EFG as a result of
the  successful  acquisition  of  the  PLM common stock by MILPI Acquisition and
approximately  $151,000 of cost related to aircraft maintenance and the re-lease
of  an  aircraft in June 2001.    In conjunction with the acquisition of the PLM
common  stock,  EFG  became  entitled  to recover certain out of pocket expenses
which  it had previously incurred. Other operating expenses consist primarily of
administrative  charges,  professional  service  costs,  such as audit and legal
fees,  as well as printing, distribution and remarketing expenses. The amount of
future  operating  expenses  cannot  be  predicted with certainty; however, such
expenses  are  usually higher during the acquisition and liquidation phases of a
trust.  Other  fluctuations typically occur in relation to the volume and timing
of  remarketing  activities.

At  March 31, 2001, the Trust determined that the decline in the market value of
its  Semele common stock was other than temporary.  As a result, the Trust wrote
down  the cost of the Semele common stock to $3.3125 per share (the quoted price
of  the  Semele stock on the NASDAQ SmallCap Market on the date the stock traded
closest  to  March 31, 2001), for a total realized loss in the nine months ended
September  30,  2001  of  $17,037.

During  the  three  and nine months ended September 30, 2001, the Trust recorded
income  of  $139,487  and $171,857, respectively, from its ownership interest in
MILPI.  This  income  represents  the  Trust's  share of the net income of MILPI
recorded  under  the equity method of accounting.  The Trust recorded $3,742 and
$8,298,  respectively,  of  amortization  expense  for the three and nine months
ended  September 30, 2001, which related to the goodwill recorded at the time of
the  acquisition  of  the  PLM  common stock by MILPI Acquisition. (See Note 8.)

The  Trust's  income  from  MILPI results from MILPI's indirect ownership of PLM
common  stock  acquired in February 2001.  PLM is an equipment leasing and asset
management  company.

During  the  three  and  nine  months  ended  September 30, 2001, PLM recognized
operating  revenues  of  approximately  $3,434,000 and approximately $8,770,000,
respectively.  Revenues  for  the  three  months  ended  September  30, 2001 are
comprised  primarily  of  management  fees  of  approximately  $1,375,000  and
$1,847,000  of  acquisition  and  lease negotiation fees.  Revenues for the nine
months  ended  September  30, 2001 are comprised primarily of management fees of
approximately  $4,362,000,  acquisition  and  lease  negotiation  fees  of
approximately  $2,032,000  and operating lease income of approximately $695,000.

During  the  three and nine months ended September, 30, 2001, PLM incurred total
operating  expenses  of  approximately  $1,216,000 and approximately $5,665,000,
respectively.  Operating  expenses for the three months ended September 30, 2001
are  comprised primarily of general and administrative expenses of approximately
$658,000  and  operations  support  expenses of approximately $453,000.  For the
nine months ended September 30, 2001, operating expenses are comprised primarily
of  general  and  administrative  expenses  of  approximately  $4,054,000  and
operations  support  expenses  of approximately $1,092,000, which include salary
and  office-related  expenses  for  operational  activities.

During  the three and nine months ended September 30, 2001, PLM recognized other
income  of  approximately  $101,000  and  $270,000,  approximately,  comprised
primarily  of  interest income earned on investments.  During the three and nine
months  ended  September  30,  2001,  PLM  also  incurred  income tax expense of
approximately  $882,000  and  $1,304,000,  respectively.


Real  Estate
------------

Management  fees for non-equipment assets were $8,112 and $21,860, respectively,
for  the  three  and nine months ended September 30, 2001 compared to $2,291 and
$6,417,  respectively,  for  the  same  periods  in  2000.  Management  fees for
non-equipment  assets,  excluding  cash, are 1% of such assets under management.

The  Trust  has  an  ownership interest in EFG Kirkwood. EFG Kirkwood is a joint
venture  among the Trust, certain affiliated Trusts and Semele and is managed by
AFG  ASIT  Corporation. EFG Kirkwood is a member in two joint ventures, Mountain
Resort  Holdings  LLC  ("Mountain  Resort")  and  Mountain  Springs  Resort  LLC
("Mountain  Springs").  See  Note  7.

Mountain  Resort,  through four wholly owned subsidiaries, owns and operates the
Kirkwood  Mountain Resort, a ski resort located in northern California, a public
utility that services the local community, and land that is held for residential
and commercial development. Mountain Springs, through a wholly owned subsidiary,
owns  a  controlling  interest in the Purgatory Ski resort in Durango, Colorado.

For  the  three  and  nine months ended September 30, 2001, the Trust recorded a
loss  of  $146,478  and  income  of  $59,717,  respectively,  from its ownership
interest  in  EFG  Kirkwood.  For  the three and nine months ended September 30,
2000,  the Trust recorded a loss of $143,280 and $32,051, respectively, from its
ownership  interest  in  EFG Kirkwood. This income (loss) represents the Trust's
share  of the net income (loss) of EFG Kirkwood recorded under the equity method
of  accounting.  Due  to  the  seasonal nature of EFG Kirkwood's operations, the
financial  results  of the three and nine month periods ended September 30, 2001
and  2000  may  not  be  indicative  of  future  periods  (See  Note  7).

Mountain Resort is primarily a ski and mountain recreation resort with more than
2,000 acres of terrain, located approximately 32 miles south of Lake Tahoe.  The
resort  receives  approximately  70% of its revenues from winter ski operations,
primarily ski, lodging, retail and food and beverage services with the remainder
of  the  revenues  generated  from summer outdoor activities, including mountain
biking,  hiking  and  other  activities.  Other operations include a real estate
development  division, which has developed and is managing a 40-unit condominium
residential  and commercial building, an electric and gas utility company, which
operates  as  a regulated utility company and provides electric and gas services
to  the  Kirkwood  community,  and  a  real  estate  brokerage  company.

During  the nine months ended September 30, 2001, Mountain Resort recorded total
revenues  of  $22,378,487  compared  to $21,649,975 for the same period in 2000.
The  increase  in  total revenues from 2000 to 2001 of $728,512 is the result an
increase  in  ski-related  revenues  offset by a decrease in residential-related
revenues.

Ski-related  revenues  and  other  operations  revenues  increased approximately
$2,350,000  and  approximately $927,000, respectively, for the nine months ended
September  30,  2001  compared  to  the  same  period  in 2000.  The increase in
ski-related revenues resulted from improved weather conditions during the winter
season,  which  attracted  more skiers.  Improved weather conditions resulted in
the  resort supporting approximately 260,000 skiers for the nine months ended in
2001  as  compared  to  181,000  for  the  same  period  in  2000.

Residential-related  revenues  decreased  approximately  $2,549,000 for the nine
months  ended 2001 as compared to 2000.  Construction was completed on a 40-unit
condominium  residential  and  commercial  building  in  December  1999 and as a
result,  a  significant number of condominium sales closed in January 2000.  For
the  nine  months  ended  September  30,  2001,  residential  revenues  were
approximately  $513,000  compared  to  residential  revenues  of  approximately
$3,062,000  for  the  same  period  in  2000.

During  the  nine  months  ended  September  30,  2001,  Kirkwood recorded total
expenses of $21,535,057 compared to $20,322,407 for the same period in 2000. The
increase  in  total  expenses  of  $1,212,650 from 2000 to 2001 is the result an
increase  in  ski-related  expenses  offset by a decrease in residential-related
expenses.

Ski-related  expenses  and  other  operations  expenses  increased approximately
$2,392,000  and approximately $555,000, respectively, as a result of an increase
in  ski-related  revenues  and  other  operations  revenues, as discussed above.
Residential-related expenses decreased approximately $1,734,000 as a result of a
decrease  in  cost of sales from condominium units sold in the nine months ended
September 30, 2001 compared to the same period in 2000, as also discussed above.

Purgatory  Ski  Resort  ("Purgatory")  is  a  ski and mountain recreation resort
covering 2,500 acres, situated on 40 miles of terrain with 75 ski trails located
near  Durango,  Colorado.  Purgatory  receives the majority of its revenues from
winter  ski  operations,  primarily  ski,  lodging, retail and food and beverage
services,  with  the  remainder  of  revenues  generated  from  summer  outdoor
activities,  such  as  alpine  sliding  and  mountain  biking.

During  the  nine  months  ended  September  30,  2001, Purgatory recorded total
revenues of $12,014,674 compared to $9,693,552 for the same period of 2000.  The
increase  in  total  revenues  from  2000 to 2001 of $2,321,122 is the result of
improved  weather  conditions  during  the  winter  season,which  attracted more
skiers.  Improved  weather  conditions  resulted  in  the  resort  supporting
approximately  240,000  skiers  for  the  nine  months  ended September 30, 2001
compared  to  176,000  skiers  in  the  same  period  of  2000.

Total  expenses  were  $11,542,289  for the nine months ended September 30, 2001
compared  to  $11,388,497  for  the  same period in 2000.  The increase in total
expenses  for  the  nine  months  ended  September 30, 2001 compared to the same
period  in  2000 of $153,792 is a result of an increase in operating expenses of
$423,771, due to an increase in the number of skiers, discussed above, offset by
a  decrease  in  financing  costs  of  $296,979.

NOTE  14  -  NEW  ACCOUNTING  PRONOUNCEMENTS
--------------------------------------------

In  June  2001,  the  Financial  Accounting Standards Board issued Statements of
Financial  Accounting  Standards  ("SFAS") No. 141, "Business Combinations", and
SFAS  No.  142,  "Goodwill  and  Other  Intangible  Assets",  (collectively  the
"Statements")  effective  for  fiscal  years  beginning after December 15, 2001.
Under  the  new  rules, goodwill and intangible assets deemed to have indefinite
lives will no longer be amortized but will be subject to annual impairment tests
in  accordance with the Statements.  Other intangible assets will continue to be
amortized  over  their  useful  lives.

The  Trust  will  apply  the  new  rules  on  accounting  for goodwill and other
intangible  assets  beginning  in the first quarter of 2002.  Application of the
nonamortization provisions of Statements is not anticipated to have a material n
impact on the Trust's financial statements.  During 2002, the Trust will perform
the  first  of  the  required  impairment tests of goodwill and indefinite lived
intangible  assets  as  of  January  1, 2002 and has not yet determined what the
effect  of  these  tests  will  be on the earnings and financial position of the
Trust.

In  October  2001, the Financial Accounting Standards Board issued SFAS No. 144,
"Accounting  for the Impairment or Disposal of Long-Lived Assets, which replaces
SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and Long-Lived
Assets  to  be  Disposed of".  SFAS No. 144 provides updated guidance concerning
the  recognition  and  measurement  of  an  impairment loss for certain types of
long-lived  assets,  expands  the scope of a discontinued operation to include a
component  of  an  entity  and eliminates the current exemption to consolidation
when  control  over  a  subsidiary  is  likely  to be temporary. SFAS No. 144 is
effective  for  fiscal  years  beginning  after  December  15,  2001.

The  Trust will apply the new rules on accounting for the impairment or disposal
of  long-lived  assets  beginning  in  the  first  quarter of 2002, which is not
anticipated  to  have  an  impact on the Trust's earnings or financial position.


<PAGE>

                             AFG INVESTMENT TRUST A

                                    FORM 10-Q

                         PART I.  FINANCIAL INFORMATION


Item 2.  Management's Discussion and Analysis of Financial Condition and Results
--------------------------------------------------------------------------------
of  Operations.
---------------

Certain  statements  in  this  quarterly  report  of AFG Investment Trust A (the
"Trust")  that  are  not historical fact constitute "forward-looking statements"
within  the  meaning of the Private Securities Litigation Reform Act of 1995 and
are  subject  to  a  variety  of risks and uncertainties.  There are a number of
important  factors  that  could  cause  actual results to differ materially from
those  expressed  in  any  forward-looking statements made herein. These factors
include, but are not limited to, the collection of the Trust's contracted rents,
the  realization of residual proceeds for the Trust's equipment, the performance
of  the  Trust's  non-equipment  assets  and  future  economic  conditions.

The  Investment  Company  Act  of  1940  (the  "Act") places restrictions on the
capital  structure  and  business activities of companies registered thereunder.
The  Trust  has  active  business operations in the financial services industry,
primarily  equipment  leasing,  and  in  the  real  estate  industry through its
interest  in  EFG  Kirkwood  LLC  ("EFG Kirkwood"). The Trust does not intend to
engage  in  investment activities in a manner or to an extent that would require
the  Trust  to  register  as an investment company under the Act. However, it is
possible  that the Trust may unintentionally engage in an activity or activities
that  may be construed to fall within the scope of the Act. The Managing Trustee
is  engaged  in  discussions  with  the  staff  of  the  Securities and Exchange
Commission  regarding  whether or not the Trust may be an inadvertent investment
company  by  virtue  of  its  recent  acquisition  activities.  If the Trust was
determined  to  be  an  investment  company,  its  business  would  be adversely
affected.  The  Act,  among  other  things, prohibits an unregistered investment
company  from  offering  securities  for  sale  or  engaging  in any business or
interstate  commerce.  The  Managing  Trustee has consulted counsel and believes
that the Trust is not an investment company.  If necessary, the Trust intends to
avoid  being  deemed  an investment company by disposing of or acquiring certain
assets  that  it  might  not  otherwise  dispose  of  or  acquire.

The  events  of  September  11,  2001 and the slowing U.S. economy could have an
adverse  effect on market values for the Trust's assets and the Trust's  ability
to  negotiate  future  lease  agreements.  Notwithstanding  the  foregoing,  it
currently  is  not  possible for the Managing Trustee to determine the long-term
effects,  if  any, that these events may have on the economic performance of the
Trust's  equipment  portfolio.  Approximately  49%  of  the  Trust's  equipment
portfolio consists of commercial jet aircraft.  The events of September 11, 2001
adversely  affected  market demand for both new and used commercial aircraft and
weakened  the financial position of the airline industry.  While it is currently
not  possible  for  the  Managing  Trustee  to  determine the ultimate long-term
economic consequences of these events to the Trust, the Managing Trustee expects
that  the  resulting  decline in air travel will suppress market prices for used
aircraft  in  the  short  term and could inhibit the viability of some airlines.
At  September 30, 2001, the Trust has collected substantially all rents owed  in
connection  with  its aircraft.  In addition, through its membership interest in
EFG  Kirkwood  LLC,  the  Trust has an interest in two ski resorts that could be
adversely  affected  by potential declines in vacation travel resulting from the
events  of  September 11, 2001.  The Managing Trustee is monitoring developments
in  the  airline  and  resort industries and will continue to evaluate potential
implications  to  the  Trust's  financial  position  and  future  liquidity.


Segment  Reporting
------------------

The Trust has two principal operating segments: 1) Equipment Leasing and 2) Real
Estate  Ownership,  Development  &  Management.  The  Equipment  Leasing segment
includes the management of the Trust's equipment lease portfolio and the Trust's
interest  in MILPI Holdings, LLC ("MILPI").  MILPI owns MILPI Acquisition Corp.,
("MILPI  Acquisition")  which  owns  the majority interest in PLM International,
Inc.,  ("PLM")  an  equipment  leasing  and  asset management company.  The Real
Estate  segment includes the ownership, management and development of commercial
properties,  recreational  properties,  condominiums,  interval ownership units,
townhomes,  single  family  homes  and  land sales through the Trust's ownership
interest  in  EFG  Kirkwood.

The  Trust's  reportable  segments  offer different products or services and are
managed  separately  because  each  requires  different operating strategies and
management  expertise.  There  are  no material intersegment sales or transfers.

Segment  information  for the three and nine months ended September 30, 2001 and
2000  is  summarized  below.
<TABLE>
<CAPTION>
                                             Three months ended     Nine months ended
                                                September 30,        September 30,
                                            2001        2000       2001       2000
<S>                                      <C>         <C>         <C>       <C>
Total Income:
   Equipment leasing                     $ 271,537   $ 230,225   $627,656  $1,151,176
   Real estate                            (146,478)   (143,280)    59,717     (32,051)
                                         ----------  ----------  --------  -----------
     Total                               $ 125,059   $  86,945   $687,373  $1,119,125
                                         ==========  ==========  ========  ===========

Operating Expenses, Management Fees
  and Other Expenses:
   Equipment leasing                     $ 184,943   $  68,874   $565,364  $  279,645
   Real estate                               8,112       2,291     21,860       6,417
                                         ----------  ----------  --------  -----------
     Total                               $ 193,055   $  71,165   $587,224  $  286,062
                                         ==========  ==========  ========  ===========

Interest Expense:
   Equipment leasing                     $   8,249   $  11,424   $ 19,570  $   35,182
   Real estate                                   -           -          -           -
                                         ----------  ----------  --------  -----------
     Total                               $   8,249   $  11,424   $ 19,570  $   35,182
                                         ==========  ==========  ========  ===========

Depreciation and Amortization Expense:
   Equipment leasing                     $  24,493   $  27,968   $ 79,663  $  165,899
   Real estate                                   -           -          -           -
                                         ----------  ----------  --------  -----------
     Total                               $  24,493   $  27,968   $ 79,663  $  165,899
                                         ==========  ==========  ========  ===========

 Net Income (Loss)                       $(100,738)  $ (23,612)  $    916  $  631,982
                                         ==========  ==========  ========  ===========
</TABLE>




Three  and  nine  months ended September 30, 2001 compared to the three and nine
--------------------------------------------------------------------------------
months  ended  September  30,  2000:
------------------------------------

Results  of  Operations
-----------------------

Equipment  Leasing
------------------

For  the  three  and  nine  month  periods  ended  September 30, 2001, the Trust
recognized  lease  revenue  of  $110,956 and $338,461, respectively, compared to
$157,025  and  $554,690, respectively, for same periods in 2000. The decrease in
lease  revenue  from 2000 to 2001 resulted primarily from lease term expirations
and  the sale of equipment.    Future lease term expirations and equipment sales
will  result  in  a  reduction  in  the  lease  revenue  recognized.

The Trust's equipment portfolio includes certain assets in which the Trust holds
a  proportionate ownership interest.  In such cases, the remaining interests are
owned  by  an  affiliated equipment leasing program sponsored by Equis Financial
Group  Limited  Partnership  ("EFG").  Proportionate equipment ownership enables
the  Trust  to further diversify its equipment portfolio by participating in the
ownership of selected assets, thereby reducing the general levels of risk, which
could  result  from  a  concentration  in any single equipment type, industry or
lessee.  The  Trust  and  each  affiliate  individually report, in proportion to
their  respective  ownership  interests,  their  respective  shares  of  assets,
liabilities,  revenues,  and  expenses  associated  with  the  equipment.

In  June  2001,  the  Trust  and  certain  affiliated  investment  programs
(collectively,  the  "Reno  Programs")  executed  an agreement with the existing
lessee,  Reno  Air,  Inc.  ("Reno"), to early terminate the lease of a McDonnell
Douglas  MD-87  aircraft that had been scheduled to expire in January 2003.  The
Reno  Programs  received  an  early termination fee of $840,000 and a payment of
$400,000  for  certain  maintenance required under the existing lease agreement.
The Trust's share of the early termination fee was $74,424, which was recognized
as  lease  revenue during the nine months ended September 30, 2001 and its share
of  the  maintenance  payment  was  $35,440,  which  is accrued as a maintenance
obligation  at  September 30, 2001.  Coincident with the termination of the Reno
lease,  the  aircraft  was  re-leased to Aerovias de Mexico, S.A., de C.V. for a
term of four years.  The Reno Programs will receive rents of $6,240,000 over the
lease  term,  of  which  the  Trust's  share  is  $552,864.

Interest  income  for  the three and nine month periods ended September 30, 2001
was  $18,027  and  $72,695,  respectively,  compared  to  $61,439  and $155,108,
respectively,  for  the  same  periods  in  2000.  Interest  income is typically
generated  from  temporary  investment  of  rental  receipts and equipment sales
proceeds  in  short-term  instruments.  The  amount of future interest income is
expected  to  fluctuate as a result of changing interest rates and the amount of
cash  available  for  investment, among other factors.  Interest income included
$11,654 and $34,582, respectively, during the three and nine month periods ended
September  30, 2001 and 2000, earned on a note receivable from Semele Group Inc.
("Semele")  (See  Note  6  to  the  financial  statements).

During  the  nine  months  ended  September  30,  2001,  the  Trust  sold  fully
depreciated  equipment  and  equipment  having  a  net  book value of $48,619 to
existing  lessees  and  third  parties.  These sales resulted in a net gain, for
financial  statement purposes, of $24,616.  There were no equipment sales during
the  three  months  ended  September  30,  2001.

During  the three and nine months ended September 30, 2000, the Trust sold fully
depreciated  equipment  and  equipment  having  a  net book value of $1,130,895,
respectively,  to existing lessees and third parties.  These sales resulted in a
net  gain,  for  financial  statement  purposes,  of  $5,000  and  $371,925,
respectively.

It  cannot  be determined whether future sales of equipment will result in a net
gain or a net loss to the Trust, as such transactions will be dependent upon the
condition  and type of equipment being sold and its marketability at the time of
sale.  In  addition, the amount of gain or loss reported for financial statement
purposes  is  partly  a  function  of  the  amount  of  accumulated depreciation
associated  with  the  equipment  being  sold.

The  ultimate  realization  of  residual  value  for  any  type  of equipment is
dependent  upon  many  factors,  including  EFG's  ability  to sell and re-lease
equipment.  Changing market conditions, industry trends, technological advances,
and  many  other  events can converge to enhance or detract from asset values at
any  given  time.  EFG  attempts  to  monitor these changes in order to identify
opportunities  which  may  be  advantageous to the Trust and which will maximize
total  cash  returns  for  each  asset.

The  total  economic  value  realized  upon  final  disposition of each asset is
comprised  of all primary lease term revenue generated from that asset, together
with its residual value.  The latter consists of cash proceeds realized upon the
asset's  sale  in  addition to all other cash receipts obtained from renting the
asset on a re-lease, renewal or month-to-month basis.  The Trust classifies such
residual  rental payments as lease revenue.  Consequently, the amount of gain or
loss  reported  in the financial statements is not necessarily indicative of the
total  residual  value  the  Trust  achieved  from  leasing  the  equipment.

During  the  nine  months  ended  September  30, 2000, the Trust sold investment
securities  having  a  book value of $32,132, resulting in a gain, for financial
statement  purposes  of  $21,520.

On March 8, 2000, the Trust and three affiliated trusts entered into a guarantee
agreement  whereby  the  trusts,  jointly  and severally, guaranteed the payment
obligations  under  a  master lease agreement between Echelon Commercial LLC, as
lessee,  and Heller Affordable Housing of Florida, Inc., and two other entities,
as lessor.  (See Note 11 to the financial statements.)  During the quarter ended
September 30, 2001, the requirements of the guarantee agreement were met and the
Trust  received  payment for all outstanding amounts totaling $44,800, including
$17,876  of income related to the guarantee agreement recognized during the nine
months  ended  September  30,  2001.  During the nine months ended September 30,
2000,  the  Trust  received  an upfront cash fee of $35,000 and recognized total
income  of  $47,933  from the guarantee. The guarantee fee is reflected as Other
Income  on  the  accompanying Statement of Operations.  The Trust has no further
obligations  under  the  guarantee  agreement.

Depreciation  expense  for  the three and nine month periods ended September 30,
2001  was  $20,751  and $71,365, respectively, compared to $27,968 and $165,899,
respectively,  for  the same periods in 2000.  For financial reporting purposes,
to the extent that an asset is held on primary lease term, the Trust depreciates
the difference between (i) the cost of the asset and (ii) the estimated residual
value  of  the  asset  on a straight-line basis over such term.  For purposes of
this  policy,  estimated residual values represent estimates of equipment values
at  the  date  of primary lease expiration.  To the extent that an asset is held
beyond  its  primary lease term, the Trust continues to depreciate the remaining
net  book value of the asset on a straight-line basis over the asset's remaining
economic  life.

Interest  expense  was  $8,249 and $19,570, respectively, for the three and nine
month  periods  ended  September  30,  2001  compared  to  $11,424  and $35,182,
respectively,  for  the same periods in 2000.  Interest expense will decrease in
the  future  as the principal balance of the note payable is reduced through the
application  of  rent  receipts  to  outstanding  debt.

Management  fees  related  to  equipment  leasing  were  $1,864  and  $12,884,
respectively,  for  the  three  and  nine month periods ended September 30, 2001
compared  to  $7,674  and  $27,202,  respectively, for the same periods in 2000.
Management  fees  are  based on 5% of gross lease revenue generated by operating
leases and 2% of gross lease revenue generated by full payout leases, subject to
certain  limitations.  In  addition,  management fees include a fee of 1% of the
cost  of  the  MILPI  interests.

Operating  expenses  were $183,079 and $535,443, respectively, for the three and
nine  month  periods  ended September 30, 2001 compared to $61,200 and $252,443,
respectively,  for  the  same  periods  in  2000.  In  2001,  operating expenses
included  approximately  $100,000 for ongoing legal matters.  Operating expenses
also  included  approximately  $31,000 of costs reimbursed to EFG as a result of
the  successful  acquisition  of  the  PLM common stock by MILPI Acquisition and
approximately  $151,000 of cost related to aircraft maintenance and the re-lease
of  an  aircraft in June 2001.    In conjunction with the acquisition of the PLM
common  stock,  EFG  became  entitled  to recover certain out of pocket expenses
which  it had previously incurred. Other operating expenses consist primarily of
administrative  charges,  professional  service  costs,  such as audit and legal
fees,  as well as printing, distribution and remarketing expenses. The amount of
future  operating  expenses  cannot  be  predicted with certainty; however, such
expenses  are  usually higher during the acquisition and liquidation phases of a
trust.  Other  fluctuations typically occur in relation to the volume and timing
of  remarketing  activities.

At  March 31, 2001, the Trust determined that the decline in the market value of
its  Semele common stock was other than temporary.  As a result, the Trust wrote
down  the cost of the Semele common stock to $3.3125 per share (the quoted price
of  the  Semele stock on the NASDAQ SmallCap Market on the date the stock traded
closest  to  March 31, 2001), for a total realized loss in the nine months ended
September  30,  2001  of  $17,037.

During  the  three  and nine months ended September 30, 2001, the Trust recorded
income  of  $139,487  and $171,857, respectively, from its ownership interest in
MILPI.  This  income  represents  the  Trust's  share of the net income of MILPI
recorded  under  the equity method of accounting.  The Trust recorded $3,742 and
$8,298,  respectively,  of  amortization  expense  for the three and nine months
ended  September 30, 2001, which related to the goodwill recorded at the time of
the acquisition of the PLM common stock by MILPI Acquisition. (See Note 8 to the
financial  statements.)

The  Trust's  income  from  MILPI results from MILPI's indirect ownership of PLM
common  stock  acquired in February 2001.  PLM is an equipment leasing and asset
management  company.

During  the  three  and  nine  months  ended  September 30, 2001, PLM recognized
operating  revenues  of  approximately  $3,434,000 and approximately $8,770,000,
respectively.  Revenues  for  the  three  months  ended  September  30, 2001 are
comprised  primarily  of  management  fees  of  approximately  $1,375,000  and
$1,847,000  of  acquisition  and  lease negotiation fees.  Revenues for the nine
months  ended  September  30, 2001 are comprised primarily of management fees of
approximately  $4,362,000,  acquisition  and  lease  negotiation  fees  of
approximately  $2,032,000  and operating lease income of approximately $695,000.

During  the  three and nine months ended September, 30, 2001, PLM incurred total
operating  expenses  of  approximately  $1,216,000 and approximately $5,665,000,
respectively.  Operating  expenses for the three months ended September 30, 2001
are  comprised primarily of general and administrative expenses of approximately
$658,000  and  operations  support  expenses of approximately $453,000.  For the
nine months ended September 30, 2001, operating expenses are comprised primarily
of  general  and  administrative  expenses  of  approximately  $4,054,000  and
operations  support  expenses  of approximately $1,092,000, which include salary
and  office-related  expenses  for  operational  activities.

During  the three and nine months ended September 30, 2001, PLM recognized other
income  of  approximately  $101,000  and  $270,000,  approximately,  comprised
primarily  of  interest income earned on investments.  During the three and nine
months  ended  September  30,  2001,  PLM  also  incurred  income tax expense of
approximately  $882,000  and  $1,304,000,  respectively.


Real  Estate
------------

Management  fees for non-equipment assets were $8,112 and $21,860, respectively,
for  the  three  and nine months ended September 30, 2001 compared to $2,291 and
$6,417,  respectively,  for  the  same  periods  in  2000.  Management  fees for
non-equipment  assets,  excluding  cash, are 1% of such assets under management.

The  Trust  has  an  ownership interest in EFG Kirkwood. EFG Kirkwood is a joint
venture  among  the  Trust,  certain  affiliated  Trusts  and Semele Group, Inc.
("Semele")  and  is managed by AFG ASIT Corporation. EFG Kirkwood is a member in
two  joint  ventures,  Mountain  Resort  Holdings  LLC  ("Mountain  Resort") and
Mountain  Springs  Resort  LLC ("Mountain Springs"). See Note 7 to the financial
statements.

Mountain  Resort,  through four wholly owned subsidiaries, owns and operates the
Kirkwood  Mountain Resort, a ski resort located in northern California, a public
utility that services the local community, and land that is held for residential
and commercial development. Mountain Springs, through a wholly owned subsidiary,
owns  a  controlling  interest in the Purgatory Ski resort in Durango, Colorado.

For  the  three  and  nine months ended September 30, 2001, the Trust recorded a
loss  of  $146,478  and  income  of  $59,717,  respectively,  from its ownership
interest  in  EFG  Kirkwood.  For  the three and nine months ended September 30,
2000,  the Trust recorded a loss of $143,280 and $32,051, respectively, from its
ownership  interest  in EFG Kirkwood.  This income (loss) represents the Trust's
share  of the net income (loss) of EFG Kirkwood recorded under the equity method
of  accounting.  Due  to  the  seasonal nature of EFG Kirkwood's operations, the
financial  results  of the three and nine month periods ended September 30, 2001
and  2000  may  not be indicative of future periods (See Note 7 to the financial
statements).

Mountain Resort is primarily a ski and mountain recreation resort with more than
2,000 acres of terrain, located approximately 32 miles south of Lake Tahoe.  The
resort  receives  approximately  70% of its revenues from winter ski operations,
primarily ski, lodging, retail and food and beverage services with the remainder
of  the  revenues  generated  from summer outdoor activities, including mountain
biking,  hiking  and  other  activities.  Other operations include a real estate
development  division, which has developed and is managing a 40-unit condominium
residential  and commercial building, an electric and gas utility company, which
operates  as  a regulated utility company and provides electric and gas services
to  the  Kirkwood  community,  and  a  real  estate  brokerage  company.

During  the nine months ended September 30, 2001, Mountain Resort recorded total
revenues  of  $22,378,487  compared  to $21,649,975 for the same period in 2000.
The  increase  in  total revenues from 2000 to 2001 of $728,512 is the result an
increase  in  ski-related  revenues  offset by a decrease in residential-related
revenues.

Ski-related  revenues  and  other  operations  revenues  increased approximately
$2,350,000  and  approximately $927,000, respectively, for the nine months ended
September  30,  2001  compared  to  the  same  period  in 2000.  The increase in
ski-related revenues resulted from improved weather conditions during the winter
season,  which  attracted  more skiers.  Improved weather conditions resulted in
the  resort supporting approximately 260,000 skiers for the nine months ended in
2001  as  compared  to  181,000  for  the  same  period  in  2000.

Residential-related  revenues  decreased  approximately  $2,549,000 for the nine
months  ended 2001 as compared to 2000.  Construction was completed on a 40-unit
condominium  residential  and  commercial  building  in  December  1999 and as a
result,  a  significant number of condominium sales closed in January 2000.  For
the  nine  months  ended  September  30,  2001,  residential  revenues  were
approximately  $513,000  compared  to  residential  revenues  of  approximately
$3,062,000  for  the  same  period  in  2000.

During  the  nine  months  ended  September  30,  2001,  Kirkwood recorded total
expenses of $21,535,057 compared to $20,322,407 for the same period in 2000. The
increase  in  total  expenses  of  $1,212,650 from 2000 to 2001 is the result an
increase  in  ski-related  expenses  offset by a decrease in residential-related
expenses.

Ski-related  expenses  and  other  operations  expenses  increased approximately
$2,392,000  and approximately $555,000, respectively, as a result of an increase
in  ski-related  revenues  and  other  operations  revenues, as discussed above.
Residential-related expenses decreased approximately $1,734,000 as a result of a
decrease  in  cost of sales from condominium units sold in the nine months ended
September 30, 2001 compared to the same period in 2000, as also discussed above.

Purgatory  Ski  Resort  ("Purgatory")  is  a  ski and mountain recreation resort
covering 2,500 acres, situated on 40 miles of terrain with 75 ski trails located
near  Durango,  Colorado.  Purgatory  receives the majority of its revenues from
winter  ski  operations,  primarily  ski,  lodging, retail and food and beverage
services,  with  the  remainder  of  revenues  generated  from  summer  outdoor
activities,  such  as  alpine  sliding  and  mountain  biking.

During  the  nine  months  ended  September  30,  2001, Purgatory recorded total
revenues of $12,014,674 compared to $9,693,552 for the same period of 2000.  The
increase  in  total  revenues  from  2000 to 2001 of $2,321,122 is the result of
improved  weather  conditions  during  the  winter  season,which  attracted more
skiers.  Improved  weather  conditions  resulted  in  the  resort  supporting
approximately  240,000  skiers  for  the  nine  months  ended September 30, 2001
compared  to  176,000  skiers  in  the  same  period  of  2000.

Total  expenses  were  $11,542,289  for the nine months ended September 30, 2001
compared  to  $11,388,497  for  the  same period in 2000.  The increase in total
expenses  for  the  nine  months  ended  September 30, 2001 compared to the same
period  in  2000 of $153,792 is a result of an increase in operating expenses of
$423,771, due to an increase in the number of skiers, discussed above, offset by
a  decrease  in  financing  costs  of  $296,979.


Liquidity  and  Capital  Resources  and  Discussion  of  Cash  Flows
--------------------------------------------------------------------

The  Trust  by  its  nature  is  a  limited  life entity.  The Trust's principal
operating  activities  derive  from asset rental transactions.  Accordingly, the
Trust's  principal  source of cash from operations is provided by the collection
of  periodic  rents.  These  cash  inflows  are  used  to  satisfy  debt service
obligations  associated  with  leveraged  leases, and to pay management fees and
operating  costs.  Operating  activities  generated net cash outflows of $63,335
and  net  cash  inflows of $466,258 for the nine months ended September 30, 2001
and  2000,  respectively. Future renewal, re-lease and equipment sale activities
will  cause  a decline in the Trust's lease revenue and corresponding sources of
operating  cash.  Expenses associated with rental activities, such as management
fees,  also  will  decline  as the Trust remarkets its equipment.  The amount of
future interest income is expected to fluctuate as a result of changing interest
rates  and  the  level  of  cash  available for investment, among other factors.

At  lease  inception,  the  Trust's  equipment  was  leased  by  a  number  of
creditworthy,  investment-grade  companies  and,  to  date,  the  Trust  has not
experienced any material collection problems and has not considered it necessary
to  provide  an  allowance  for  doubtful  accounts.  Notwithstanding a positive
collection  history, there is no assurance that all future contracted rents will
be  collected  or  that  the  credit  quality  of  the  Trust's  leases  will be
maintained.  The credit quality of an individual lease may deteriorate after the
lease  is  entered  into.  Collection  risk  could  increase  in  the  future,
particularly as the Trust remarkets its equipment and enters re-lease agreements
with  different  lessees.  The  Managing  Trustee  will continue to evaluate and
monitor  the  Trust's  experience in collecting accounts receivable to determine
whether  a  future  allowance  for  doubtful  accounts  may  become appropriate.

At September 30, 2001, the Trust was due aggregate future minimum lease payments
of  $536,767  from  contractual  lease  agreements  (see Note 4 to the financial
statements),  a  portion of which will be used to amortize the principal balance
of  notes  payable  of  $444,967  (see  Note  10  to  the financial statements).
Additional  cash  inflows  will  be realized from future remarketing activities,
such  as  lease  renewals  and  equipment  sales, the timing and extent of which
cannot  be  predicted  with certainty.  This is because the timing and extent of
equipment  sales is often dependent upon the needs and interests of the existing
lessees.  Some  lessees  may choose to renew their lease contracts, while others
may elect to return the equipment.  In the latter instances, the equipment could
be  re-leased  to  another  lessee  or sold to a third party.  Accordingly, as a
greater  level of the Trust's equipment assets become available for remarketing,
the  cash  flows  of  the  Trust  will  become  less  predictable.

Cash  expended  for  asset  acquisitions  and  cash realized from asset disposal
transactions  are  reported  under  investing  activities  on  the  accompanying
Statement  of  Cash  Flows.

In  December  2000,  the  Trust  and  three affiliated Trusts (collectively, the
"Trusts")  formed  MILPI,  which  formed  MILPI  Acquisition,  a  wholly  owned
subsidiary  of  MILPI.  The  Trusts  collectively  paid  $1.2  million for their
membership  interests  in  MILPI  and  MILPI  purchased  the  shares  of  MILPI
Acquisition  for  an  aggregate  purchase  price of $1.2 million at December 31,
2000.  MILPI  Acquisition  entered into a definitive agreement (the "Agreement")
with  PLM, an equipment leasing and asset management company, for the purpose of
acquiring  up to 100% of the outstanding common stock of PLM, for an approximate
purchase  price  of $27 million. In connection with the acquisition, on December
29,  2000, MILPI Acquisition commenced a tender offer to purchase any and all of
PLM's  outstanding  common  stock.

Pursuant  to the cash tender offer, MILPI Acquisition acquired approximately 83%
of  the  PLM  common  stock  in  February  2001  for  a  total purchase price of
approximately $21.7 million. Under the terms of the Agreement, with the approval
of  the  holders  of  50.1%  of  the  outstanding  common  stock  of  PLM, MILPI
Acquisition  will merge into PLM, with PLM being the surviving entity. PLM filed
a  proxy  statement  with  the Securities and Exchange Commission (the "SEC") on
February 9, 2001 for a special meeting of its shareholders to vote on the merger
proposal.  Because  MILPI  Acquisition  owns approximately 83% of the PLM common
stock,  its  vote alone would be sufficient to assure the approval of the merger
proposal  at  the special meeting and MILPI has agreed to vote all of its shares
in  favor  of the merger proposal. Once the merger is approved, the Trusts would
then  jointly own 100% of the outstanding common stock of PLM through their 100%
interest  in  MILPI.  However, completion of the SEC staff's review of the proxy
statement  for  approval  of the merger is dependent in part on the satisfactory
resolution  of  the  Trust's  discussions  with the staff regarding its possible
status  as  an  inadvertent  investment  company. If the merger is approved, the
Trusts  may  be  required  to  provide an additional $4.4 million to acquire the
remaining  approximate  17%  of  PLM's  outstanding  common  stock.

The  Trust  has  a  10%  membership interest in MILPI having an original cost of
$2,274,348.  The  cost  of  the  Trust's  interest  in  MILPI  reflects  MILPI
Acquisition's  cost  of  acquiring the common stock of PLM, including the amount
paid  for  the  shares  tendered  of  $2,177,572, a 1% acquisition fee paid to a
wholly-owned  subsidiary  of Semele of $21,776 and capitalized transaction costs
of  $75,000.  The  capitalized transaction costs will be reimbursed by the Trust
to  MILPI  and  are  included  in  Accrued  Liabilities  -  Affiliates  on  the
accompanying  Statement of Financial Position at September 30, 2001.  During the
quarter  ended  June  30,  2001,  the  Trusts obtained additional information to
refine  the  estimate of fair values of the underlying net assets as of February
9,  2001.  The  Trust's  cost  basis  in its interest in MILPI was approximately
$105,000  greater than its equity interest in the underlying net assets of MILPI
at  February  9,  2001.  This  difference  is being amortized over a period of 7
years  beginning March 1, 2001. The amount amortized is included as an offset to
Interest  in  MILPI  and  was  $8,298 during the nine months ended September 30,
2001.  The  Trust's  ownership  interest in MILPI is accounted for on the equity
method  as  discussed  above.

Equis  II  Corporation  has  voting  control of the Trusts and owns the Managing
Trustee  of  the  Trusts.  Semele  owns  Equis II Corporation. Mr. Engle and Mr.
Coyne,  who  are  a director and an officer of the Trust, respectively, are also
officers  and  directors  of, and own significant stock in, Semele. In addition,
Mr.  Engle  and  Mr.  Coyne  are  officers  and  directors of MILPI Acquisition.

During  the  nine  month  period  ended  September  30, 2000, the Trust expended
$205,689  for  its  interest  in  EFG  Kirkwood  (see  Note  7  to the financial
statements)  and  $14,443  on  other  investments.  During the nine month period
ended  September  30,  2001, the Trust realized net cash proceeds from equipment
disposals  of  $73,235 compared to $1,502,820 for the same period in 2000. Sales
proceeds  in  2000  include  $1,400,000  related to the sale of the Trust's SAAB
SF340A  aircraft in May 2000, formerly leased to Comair, Inc.  Future inflows of
cash  from  equipment  disposals  will  vary  in  timing  and amount and will be
influenced  by  many  factors  including,  but not limited to, the frequency and
timing of lease expirations, the type of equipment being sold, its condition and
age,  and  future  market  conditions. The Trust also realized proceeds from the
sale  of investment securities of $53,652 during the nine months ended September
30,  2000.

The  Trust  has  an  ownership interest in EFG Kirkwood. EFG Kirkwood is a joint
venture  among the Trust, certain affiliated Trusts and Semele and is managed by
AFG  ASIT  Corporation. EFG Kirkwood is a member in two joint ventures, Mountain
Resort  Holdings  LLC  ("Mountain  Resort")  and  Mountain  Springs  Resort  LLC
("Mountain  Springs").  See  Note  7  to  the  financial  statements.

Mountain  Resort,  through four wholly owned subsidiaries, owns and operates the
Kirkwood  Mountain Resort, a ski resort located in northern California, a public
utility that services the local community, and land that is held for residential
and commercial development. Mountain Springs, through a wholly owned subsidiary,
owns  a  controlling  interest in the Purgatory Ski resort in Durango, Colorado.

The risks generally associated with real estate include, without limitation, the
existence of senior financing or other liens on the properties, general or local
economic  conditions,  property  values, the sale of properties, interest rates,
real  estate  taxes,  other  operating  expenses,  the  supply  and  demand  for
properties  involved,  zoning  and environmental laws and regulations, and other
governmental  rules.

The  Trust's  involvement  in  real estate development also introduces financial
risks,  including  the potential need to borrow funds to develop the real estate
projects.  While  the  Trust's management presently does not foresee any unusual
risks  in  this  regard,  it  is possible that factors beyond the control of the
Trust,  its  affiliates  and joint venture partners, such as a tightening credit
environment,  could  limit  or  reduce  its  ability  to  secure adequate credit
facilities at a time when they might be needed in the future. Alternatively, the
Trust  could  establish joint ventures with other parties to share participation
in  its  development  projects.

Ski  resorts  are subject to a number of risks, including weather-related risks.
The  ski  resort business is seasonal in nature and insufficient snow during the
winter  season  can  adversely  effect the profitability of a given resort. Many
operators  of  ski resorts have greater resources and experience in the industry
than  the  Trust,  its  affiliates  and  its  joint  venture  partners.

Recent  changes  in  economic  condition  of the airline industry have adversely
affected  the  demand  for and market values for commercial jet aircraft.  These
changes  could  adversely  affect  the  operations of the Trust and the residual
value of the commercial jet aircraft.  Currently, the commercial jet aircraft in
which  the  Trust  has  a  proportionate  ownership  interest  is  subject  to a
contracted  lease  agreement.

As  a  result  of  an  exchange transaction in 1997, the Trust is the beneficial
owner of 20,969 shares of Semele common stock and holds a beneficial interest in
the Semele Note of $462,353.  The Semele Note matures in April 2003 and bears an
annual  interest  rate  of  10%  with  mandatory  principal  reductions prior to
maturity, if and to the extent that net proceeds are received by Semele from the
sale  or  refinancing  of  its  principal  real  estate  asset  consisting of an
undeveloped  274-acre  parcel  of  land  near  Malibu,  California.

In accordance with SFAS No. 115, "Accounting for Certain Investments in Debt and
Equity  Securities",  marketable  equity  securities  classified  as
available-for-sale  are  carried  at  fair  value.  At March 31, 2001, the Trust
determined  that  the decline in the market value of its Semele common stock was
other  than temporary.  As a result, the Trust wrote down the cost of the Semele
common  stock  resulting  in  a  total  realized  loss  in the nine months ended
September  30,  2001  of  $17,037.  See  Results  of  Operations.

During the six months ended September 30, 2001, the Trust decreased the carrying
value  of its investment in Semele common stock based on the quoted price of the
Semele  stock  on the OTC Bulletin Board on the date the stock traded closest to
September  30,  2001,  resulting  in  an unrealized loss of $12,581 for the nine
months  ended  September,  30,  2001.  This  loss was reported as a component of
comprehensive  income  (loss)  included  in  the  Statement  of  Changes  in
Participants'  Capital.

The  Semele  Note  and  the Semele common stock are subject to a number of risks
including,  Semele's  ability  to make loan payments which is dependent upon the
liquidity  of  Semele  and  primarily  Semele's ability to sell or refinance its
principal real estate asset consisting of an undeveloped 274-acre parcel of land
near  Malibu,  California.  The market value of the Trust's investment in Semele
common  stock  has  generally  declined  since the Trust's initial investment in
1997.  In  1998,  the  General Partner determined that the decline in the market
value  of  the  stock  was other than temporary and wrote down the Partnership's
investment.   Again  in  the  three  months  ended  March  31, 2001, the General
Partner made the same determination and wrote down the Partnership's investment.
Subsequently,  the  market  value of the Semele common stock has fluctuated. The
market  value of the stock could decline in the future. Gary D. Engle, President
and  Chief  Executive  Officer  of EFG and a Director of the Managing Trustee is
Chairman  and  Chief  Executive  Officer of Semele and James A. Coyne, Executive
Vice  President  of  EFG is Semele's President and Chief Operating Officer.  Mr.
Engle  and  Mr.  Coyne  are  both  members of the Board of Directors of, and own
significant  stock  in,  Semele.

The  Trust  obtained  long-term  financing  in connection with certain equipment
leases.  The  origination  of such indebtedness and the subsequent repayments of
principal are reported as components of financing activities on the accompanying
Statement  of  Cash  Flows.  At  September  30,  2001,  the  Trust  had one debt
obligation  outstanding  pertaining  to  its  ownership  interest in an aircraft
leased  to Aerovias de Mexico S.A., de C.V.  The note will be fully amortized by
the  contracted  lease payments at the expiration of the lease agreement in June
2005.

In  June  2001,  the  Trust  and  certain  affiliated  investment  programs
(collectively,  the  "Reno  Programs")  executed  an agreement with the existing
lessee,  Reno  Air,  Inc.  ("Reno"), to early terminate the lease of a McDonnell
Douglas  MD-87  aircraft  that  had  been  scheduled  to expire in January 2003.
Coincident with the termination of the Reno lease, the aircraft was re-leased to
Aerovias  de  Mexico,  S.A.  de  C.V. for a term of four years.  (See Results of
Operations).  The  Reno  Programs  executed  a  debt agreement with a new lender
collateralized by the aircraft and assignment of the Aerovias de Mexico, S.A. de
C.V. lease payments.  The Reno Programs received debt proceeds of $5,316,482, of
which  the Trust's share was $471,038.  The Trust used the new debt proceeds and
a  portion  of certain other receipts from Reno to repay the outstanding balance
of  the  existing  indebtedness  related to the aircraft of $493,137 and accrued
interest  and  fees  of  $7,347.

The  Managing  Trustee  has  evaluated  and  pursued  a  number of potential new
acquisitions, several of which the Managing Trustee concluded had market returns
that  it  believed  were  less  than  adequate  given the potential risks.  Most
transactions  involved  the  equipment leasing, business finance and real estate
development  industries.  Although  the  Managing Trustee intends to continue to
evaluate  additional new investments, it anticipates that the Trust will be able
to  fund  these  new investments with cash on hand or other sources, such as the
proceeds  from  future  asset  sales or refinancings and new indebtedness.  As a
result, the Trust declared a special cash distribution during the fourth quarter
of  1999  to the Trust Beneficiaries totaling $3,900,000, which was paid January
2000.

After  the  special  distribution  in  January  2000,  the  Trust  adopted a new
distribution  policy  and  suspended  the  payment  of  regular  monthly  cash
distributions.  Looking  forward, the Managing Trustee presently does not expect
to  reinstate  cash  distributions  until expiration of the Trust's reinvestment
period  in  December  2001.  In  addition  to  maintaining  sale  proceeds  for
reinvestment,  the Managing Trustee expects that the Trust will retain cash from
operations  for  the  continued maintenance of the Trust's assets.  The Managing
Trustee  believes  that  this  change  in policy is in the best interests of the
Trust  over  the  long  term.

Historically,  cash  distributions  to  the  Managing  Trustee,  the  Special
Beneficiary and the Beneficiaries had been declared and generally paid within 45
days  following  the  end  of  each  calendar month.  No cash distributions were
declared  for either of the nine month periods ended September 30, 2001 or 2000.
In  any  given year, it is possible that Beneficiaries will be allocated taxable
income  in  excess of distributed cash. This discrepancy between tax obligations
and  cash  distributions  may or may not continue in the future, and cash may or
may not be available for distribution to the Beneficiaries adequate to cover any
tax  obligation.  The  Trust Agreement requires that sufficient distributions be
made  to  enable  the  Beneficiaries  to  pay any state and federal income taxes
arising  from  any  sale  or  refinancing  transactions,  subject  to  certain
limitations.

Cash  distributions  when  paid  to the Participants generally consist of both a
return  of  and a return on capital. Cash distributions do not represent and are
not  indicative  of  yield  on  investment. Actual yield on investment cannot be
determined  with  any  certainty  until  conclusion  of  the  Trust  and will be
dependent  upon the collection of all future contracted rents, the generation of
renewal and/or re-lease rents, the residual value realized for each asset at its
disposal  date,  and the performance of the Trust's non-equipment assets. Future
market  conditions,  technological  changes,  the  ability  of EFG to manage and
remarket  the  equipment, and many other events and circumstances, could enhance
or  detract from individual yields and the collective performance of the Trust's
equipment  portfolio.  The ability of the Managing Trustee and its affiliates to
develop  and  profitably manage its real estate assets and its interest in MILPI
will  impact  the  Trust's  overall  performance.

In  the  future,  the  nature of the Trust's operations and principal cash flows
will  continue to shift from rental receipts to equipment sale proceeds. As this
occurs,  the  Trust's cash flows resulting from equipment investments may become
more  volatile  in  that certain of the Trust's equipment leases will be renewed
and  certain  of  its  assets  will  be  sold.  In  some cases, the Trust may be
required  to  expend funds to refurbish or otherwise improve the equipment being
remarketed  in  order  to  make  it  more  desirable  to  a  potential lessee or
purchaser.  The  Trust's  Advisor, EFG, and the Managing Trustee will attempt to
monitor  and  manage these events in order to maximize the residual value of the
Trust's equipment and will consider these factors, in addition to new investment
activities,  the  collection  of  contractual rents, the retirement of scheduled
indebtedness,  and  the  Trust's  future  working  capital  requirements,  in
establishing  the  amount  and  timing  of  future  cash  distributions.

In  accordance  with the Trust Agreement, upon the dissolution of the Trust, the
Managing  Trustee will be required to contribute to the Trust an amount equal to
any  negative  balance,  which  may  exist in the Managing Trustee's tax capital
account.  At  December 31, 2000, the Managing Trustee had a positive tax capital
account  balance.  No  such  requirement  exists  with  respect  to  the Special
Beneficiary.


<PAGE>

                             AFG INVESTMENT TRUST A

                                    FORM 10-Q

                           PART II.  OTHER INFORMATION



<TABLE>
<CAPTION>



<S>           <C>

  Item 1.     Legal Proceedings
  .           Response:  None

  Item 2.     Changes in Securities
  .           Response:  None

  Item 3.     Defaults upon Senior Securities
  .           Response:  None

  Item 4.     Submission of Matters to a Vote of Security Holders
  .           Response:  None

  Item 5.     Other Information
  .           Response:  None

  Item 6(a).  Exhibits
  .           Response:  None

  Item 6(b).  Reports on Form 8-K
  .           Response:  None


</TABLE>





<PAGE>
        SIGNATURE  PAGE



Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  thereunto  duly  authorized.



                             AFG Investment Trust A


By:         AFG  ASIT  Corporation,  a  Massachusetts
              corporation  and  the  Managing  Trustee  of
              the  Registrant.


By:        ls/  Michael  J.  Butterfield
           -----------------------------
             Michael  J.  Butterfield
             Treasurer  of  AFG  ASIT  Corporation
             (Duly  Authorized  Officer  and
             Principal  Financial  and  Accounting  Officer)


Date:     November  19,  2001
          -------------------